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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
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Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Date Face Amount Term Interest Rate 5. Nov. 15 $54,000 60days 6% 6. Dec. 27 $40,500
Cashflows from operating activities operating activities are the principle revenue generating activities of the business and examples of such cashflows include: Cash re
Analytical Procedures - Substantive tests of financial information that examine relationships among data as a means of obtaining evidence. Such procedures include: (1) comparison o
HOW DOES ACCOUNTING THEORY INFLUENCE ACCOUNTING POLICY MAKING
In the context of the public sector, discuss incremental system of budgeting and evaluate their strengths and weaknesses
Explain the Transaction Exposure versus Economic Exposure? In brief describe the following term: a) Spot market and forward market. b) Purchasing Power Parity or PPP.
Fund flow Math problem and solution.
Olivia has received a $15 gift certificate that is redeemable only for roasted peanuts. Bags of roasted peanuts come in two sizes, regular and jumbo. A regular bag contains 30 pean
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